19 Jun 2013

Analyst sceptical about lawsuit v ANZ Bank

7:20 am on 19 June 2013

A banking analyst says the class action against ANZ Bank over penalty fees is overvalued and she doubts their case will succeed.

The Fair Play on Fees legal team says it will file court documents next week against ANZ Bank.

The case will claim repayment of default fees charged by both ANZ and its former subsidiary National Bank over the past six years.

The group says 11,000 ANZ customers have signed up for the class action.

Massey University senior banking lecturer Claire Matthews said she is not surprised at the high number of customers signing for the lawsuit, but she is sceptical about the lawsuit.